As we all know, domestic live e-commerce has been booming, but in overseas markets, live e-commerce is still a potential golden key to traffic.
Recent data shows that by the end of 2023, Shopee has attracted more than 1 million new users through Shopee Live, and more than 450,000 local sellers, KOLs, and alliance members have been added to the Shopee ecosystem.
This huge number of users and sellers once again confirms the charm and potential opportunities of live streaming.
Frankly speaking, Shopee has already tasted the sweetness from the live broadcast. In December 2023, it was reported that Malaysian users livestreamed more than 34 million hours on Shopee Live, and for sellers with sales of more than RM500,000, live streaming orders accounted for 10% to 40% of the platform's total orders, which is quite a significant proportion.
In 2023's "11During the "11th Big" shopping festival, Shopee Live brought huge traffic, causing orders from Malaysian sellers to surge by 82 times, and the single-day commodity transaction volume also exceeded 1 billion US dollars.
However, in fact, Shopee's growth in Malaysia is not only reflected in the number of sellers, but also in all aspects. As early as 2022, the sales of sellers on the Shopee platform increased by 25% year-on-year to more than 1450,000 local sellers have seen an increase in sales on Shopee, while more than 140 new sellers have seen sales of more than RM500,000.
Obviously, in the Malaysian e-commerce market, Shopee has already embarked on the road to victory.
However, in order to stabilize its position in the Malaysian market, Shopee has put in a lot of efforts. Not only does Shopee attract traffic through live streaming, Shopee is also at the forefront of the times in payment solutions, and has launched the popular buy now, pay later model in the past two years. With SpayLater, consumers have the option to make monthly payments, giving them more flexibility in how they spend their money under inflationary pressures.
Everyone wants good things in the market, and a good market has also become the focus of competition among major e-commerce platforms. In Malaysia, many e-commerce platforms are competing to make efforts, and TikTok Shop is one of them.
Just last month, TikTok Shop launched the TikTok Shop Mall brand in Malaysia**, partnering with a number of local and international brands to provide consumers with great benefits.
Despite the fact that it has just been launched, TikTok's strength cannot be underestimated. According to data from data analysis agency Goods Fox, within a week of the launch of the TikTok Shop Mall brand** in the Vietnamese market, the new sales volume surged by more than 1,000% month-on-month, and the sales of many goods soared by 10 times, and the sales volume of the best-selling store even reached 760,000 pieces.
However, it should be noted that the Malaysian Communications and Multi-Platforms Commission said in early December that they do not intend to ban any social platforms, including TikTok, but will regulate them and develop a framework in the coming month to prompt social platform providers to register with the commission. Obviously, TikTok's future development in Malaysia will face new problems and challenges.
At the same time, the Malaysian Customs Department announced a new tax policy: from 1 January 2024, a 10% low-priced goods tax will be levied on low-priced goods imported from abroad for sale on Malaysia**.
Among them, goods with a value of less than RM500 will be considered as low-value goods, and this additional tax will ultimately be borne by consumers. Shopee has made it clear in its previous announcement that a "10% LVG tax" will be added to items below RM500, which will be displayed at the front desk after tax.
In general, the wheels of history roll forward, and nothing remains the same. For platforms and sellers, it is necessary to keep pace with local policies and rules. For e-commerce platforms such as Shopee and TikTok Shop, opportunities are equal, and only by looking for opportunities in constant change can you stand out. In this Malaysian e-commerce war, who will have the last laugh, let's wait and see.